Tough Insurance Accounting Rules Delayed For Another Year

Law360, London (March 17, 2020, 5:56 PM GMT) -- Insurers will have an additional year to prepare for tough new accounting standards after the international body responsible for crafting the rules pushed back the implementation date back to 2023, according to a statement Tuesday.

The International Accounting Standards Board said the IFRS 17 rules would now come into force for insurance contracts and reporting on Jan. 1, 2023, instead of on the same date in 2022. It is the second time the rules, drawn up in 2017 and described as the biggest shakeup in insurance reporting for 20 years, have been delayed. They were originally expected to come into force...

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